COP investor presentation, January 12, 2022. Link here. Only seven slides including a title slide and a disclaimer slide. I find it amazing when a corporate presentation addresses one issue: the dividend. Seriously?
- clear priorities:
- sustain (not grow) production
- pay dividend; annual dividend growth;
- "A-rated" balance sheet
- > 30% of CFO shareholder payout
- disciplined investment to enhance returns
- value:
- 1.8 million boepd, 2022 production
- 3-tier distribution framework to include variable return of cash (VROC)
- tier 1: ordinary dividend
- tier 2: share repurchases
- tier 3: VROC -- yes, when declared, payments staggered with ordinary dividend
- 8 + 4: a "dividend" each month? that's what it looks like
- first VROC, $0.20/share -- increases first-quarter cash return by almost 45% above ordinary dividend
- total 2022 expected distribution increase of $1 billion or 16% over that of 2021
Saudi Arabia to invest in European refinery just west of Russia: link to Charles Kennedy:
- Gdansk, Poland
- 30 percent share
- 210,000-bpd refinery
- refinery partner: BP, the world's largest oil company and top oil exporter
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.